The imposing of tariffs on top US trade partners (China, Canada, and Mexico) has sparked a tug-of-war on trade, with all countries retaliating with similar increases.
Tariff increases, even against top US trade partners, were a key feature of President Donald Trump’s 2024 election campaign. After he won and assumed the presidency, he made good on his word and announced his plan to impose 25% tariffs on goods from Canada and Mexico as early as February 1st. The next day, he announced a 10% tariff on goods from China.
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